A multidimensional outlook to energy investments for the countries with continental shelf in East Mediterranean Region with Hybrid Decision Making Model based on IVIF logic

Abstract

This study aims to identify the influencing factors of the effectiveness in energy investment. For this purpose, 8 different countries with continental shelf in the Eastern Mediterranean region (EMR) are considered. Firstly, 9 different criteria are defined based on the literature review. The significance levels of these factors are determined by considering hesitant interval-valued intuitionistic fuzzy (IVIF) DEMATEL based on 2-tuple linguistic values (2TLV). Therefore, the motivation of this study is to figure out the weights of the criteria for the energy investment projects. Also, the main contributions to the literature are to propose a set of criteria for defining the indicators of the efficiency and to construct a novel decision-making model based on IVIF technique in these projects. The main justifications of this hybrid method can be given as the importance of the distribution, political stability, and technological capacity for the effectiveness in energy investment. Furthermore, hesitant TOPSIS method is used to evaluate these 8 countries regarding the effectiveness in energy investments. It is concluded that Israel and Turkey are the most successful countries in this framework. It is recommended that these countries should have an effective pipeline to transfer the reserves to other countries. Also, these countries in this region should pay attention to political stability. Moreover, countries with energy reserves in the EMR should make the necessary investments to improve their technological infrastructure. Hence, seismic exploration and drilling vessels should be obtained by these countries so that the energy reserves can be located and obtained effectively.